Willis Towers Watson (WTW) posted net income of $303m for the first quarter of 2026 (Q1 2026), a 27% increase from $239m in the same quarter a year earlier.
Q1 revenue increased by 8% to $2.41bn, compared to $2.22bn in the prior-year period, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $589m from $532m.
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Adjusted EBITDA represented 24.4% of revenue, against 23.9% a year earlier.
The company bought back $300m of its own shares during the quarter.
The Risk & Broking division reported Q1 revenue of $1.12bn, compared with $1.03bn a year earlier, an increase of 9%.
WTW said this included 3% growth in constant currency terms and 2% organic growth.
Within the unit, Corporate Risk & Broking recorded organic revenue growth linked to new business activity and client retention across global markets.
Insurance Consulting and Technology also recorded organic revenue growth, mainly due to software sales in the Technology practice.
Revenue in the Health, Wealth & Career division totalled $1.27bn in Q1, up from $1.17bn a year earlier, an increase of 9%.
This 9% increase included 5% growth in constant currency terms and 3% organic growth.
According to the company, Health recorded organic revenue growth on the back of new business wins and renewals across international markets.
WTW said it expects ongoing expansion in adjusted operating margin at the enterprise level.
In Risk & Broking, it pointed to around 100 basis points of average annual margin expansion over the next two years, with additional yearly margin expansion in Health, Wealth & Career.
WTW CEO Carl Hess said: “WTW delivered first quarter results that demonstrate our strong operating discipline and continued progress of our strategy.
“Our ongoing focus on enhancing efficiency drove margin expansion and significant EPS [earnings per share] growth, despite a more challenging global market that created near-term headwinds to organic growth. Our investments in talent, AI and innovation to accelerate performance continue driving client value, and we remain confident in delivering our full-year commitments.”
The company also set out forecasts tied to its acquisition of Newfront.
It said the transaction is expected to reduce adjusted EPS by around $0.10 in 2026. It also expects 2026 post-close revenue from Newfront of approximately $250m and an adjusted EBITDA margin of roughly 26%.
In December 2025, WTW agreed to acquire San Francisco-based broker Newfront for $1.3bn.
Newfront’s Total Rewards business, accounting for around 42% of the company, will be reported within Health, Wealth & Career. Its Business Insurance business, which accounts for roughly 58%, will sit within Risk & Broking.
